What GPs Need to Know: Managing Open-Ended Funds | News & Insights | Validus Risk Management
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What GPs Need to Know: Managing Open-Ended Funds

09 April 2026

Open-ended fund structures demand operational infrastructure that can keep pace. From continuous capital flows to navigating FX exposure and liquidity, perpetual capital brings perpetual complexity.
This primer provides a clear view of how General Partners (GPs) can capitalize on the benefits of open-ended structures while managing their unique complexities.

Key Takeaways

  • Continuous subscription and redemption activity creates dynamic, unpredictable shifts in hedge exposure, requiring active and ongoing rebalancing
  • Bank credit appetite is structurally lower for open-ended funds, leading to a narrower counterparty pool and pressure toward shorter-dated hedge tenors
  • Liquidity reserves, historical rate rollovers, facility draws and hedge product selection must be carefully orchestrated
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